The global artificial lift market is expected to reach USD
26.5 billion by 2025, according to a new report by Grand View Research, Inc.
The industry is anticipated to gain traction owing to the increasing fossil
fuel demand coupled with the rising number of mature reserves, which hold a high
volume of crude oil. Furthermore, volatile oil prices are persuading oil
companies to decrease the per barrel oil production cost, thereby driving the
demand for EOR techniques, such as artificial lift systems, over the forecast
period.
The robust demand for crude oil and
natural gas has led to the depletion of onshore reserves. This has offered
offshore deep-water opportunities for several companies, thus catapulting the
artificial lift market size. Additionally, technological advancements have
encouraged Exploration and Production (E&P) companies to increase the
production of crude oil and natural gas in offshore reserves, which is
anticipated to further propel demand over the coming years.
Lifting systems are used in offshore
applications of deepwater gas lift wells and for subsea production to augment
the productivity of wells. Thus, the rising deepwater oil production is
anticipated to spur the market growth. Owing to rapid industrialization,
conventional sources of oil & gas are depleting at the expense of future
energy demands. This has forced companies to meet the end-user demand by
focusing on unconventional gas resources. As such, unconventional gas
production is considered to act as a key opportunity for players operating in
the market.
The demand for energy is increasing
globally. The escalating demand for primary energy in transportation, power
generation, and household activities has led to increased oil & gas
consumption in major economies across the globe. This has led the producers of
oil & gas to dig deeper to meet the increasing energy demands, thus
instigating the need for artificial lift. However, the fluctuating oil prices
and impacted investments would affect market growth, owing to high equipment
and capital costs.
Browse full research report on Artificial Lift Systems Market: https://www.grandviewresearch.com/industry-analysis/artificial-lift-systems-market
Further key findings from the report suggest:
- The global artificial lift market exceeded USD 16 million in
2016 and is expected to grow at a CAGR of 5.7% from 2017 to 2025, which is
primarily attributed to the increasing oil & gas production coupled
with improving production efficiencies at mature fields.
- Electrical submersible pumps are anticipated to emerge as the
largest product segment over the forecast period owing to the rising
demand for oil worldwide and exploration of newer onshore as well as
offshore reserves.
- The ever-rising population in Asia Pacific, particularly
India and China, is anticipated to fuel the demand for oil & gas,
which is further expected to instigate the adoption of artificial lift
systems in this region.
- Key players such as GE Oil & Gas, National Oilwell Varco,
Weatherford Plc, Halliburton, Dover Corp., and Schlumberger Limited
dominated the market in 2016 with their emphasis on expanding the market
presence through mergers and acquisitions.
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/artificial-lift-systems-market/request/rs1
Grand View Research has segmented the global artificial lift
market based on products and regions:
Artificial Lift Product Outlook (Revenue, USD Million; 2014 -
2025)
- Rod
Lifts
- Electrical
Submersible Pumps
- Progressive
Cavity Pumps
- Gas
Lift
- Hydraulic
Pumps
- Others
Artificial Lift Regional Outlook (Revenue, USD Million; 2014 -
2025)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Russia
- Norway
- Asia
Pacific
- China
- India
- Japan
- Indonesia
- Malaysia
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa
- Saudi
Arabia
- UAE
- Kuwait
- Iran
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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